10 of the biggest IPOs on Wall Street in 2026

Gwynne Shotwell, SpaceX president and chief operating officer, celebrates with SpaceX employees and executives after they rang the opening bell at the Nasdaq to celebrate the launch of SpaceX’s IPO. Photo: TIMOTHY A. CLARY/AFP via Getty Images.

The US IPO market has staged an impressive comeback this year driven by Space Exploration Technologies Corp Class A (NASDAQ:SPCX)’s record-breaking flotation and a string of other multi-billion-dollar listings including SK hynix Inc ADR (NASDAQ:SKHY), Bending Spoons SpA (NASDAQ:BSP) and Cerebras Systems Inc Class A (NASDAQ:CBRS). 

According to PWC, the global IPO market logged its strongest performance since 2021 in the year to 30 September 2026. Meanwhile, EY said total US IPO proceeds rose sharply in the first half of the year thanks to 12 deals of $1 billion-plus (£745 million).

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However, macroeconomic uncertainty and recent equity market volatility have disrupted the upcoming IPO pipeline, prompting a number of companies including Oura, AirTrunk and Firmus to either delay or withdraw their listing plans.   

First-day price action is often used as a yardstick for judging the success of an IPO. But longer-term post-IPO returns provide a more accurate measure of investor sentiment. So, how have this year’s standout IPOs fared since going public?

SpaceX

It has been a volatile ride for SpaceX since its Nasdaq IPO on 12 June. Public life started off well for Elon Musk’s satellite and rocket company. Shares closed 19% higher on their first day of trade at $161 per share, raising $75 billion to reach a valuation of around $2.1 trillion.

But the rally was short-lived. Shares peaked at $225.64 on 16 June before reversing course, dipping below their IPO price in July. The company’s first earnings report as a public company in August sent shares to an all-time low at a little under $105, as investors focused on the heavy AI-related capital expenditure.

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Since then, shares have stabilised and are now trading not far off the IPO price. Analysts remain optimistic - Deutsche Bank raised its price target on the stock this week from $235 to $250 while Morgan Stanley believes the stock could reach $300.

SK Hynix

SK Hynix raised $26.5 billion through a dual listing of its American Depositary Receipts (ADRs) on Nasdaq on 10 July. Shares were priced at $149 each, valuing the South Korean chipmaker at approximately $1 trillion. Shares jumped 13% on day one, rallying to around $168 per share. This became the largest US IPO by a foreign company in history, overtaking Alibaba Group Holding Ltd ADR (NYSE:BABA)’s flotation in 2014.

In the run-up to its flotation this year, SK Hynix shares enjoyed an exponential ascent. By the day of the IPO, its South Korean shares had rallied 630% over the previous 12 months, hitting all-time highs just two weeks ahead of the listing. Its market capitalisation surpassed $1 trillion in May, and in June it briefly overtook Samsung Electronics Co Ltd DR (LSE:SMSN) to become South Korea’s most valuable company. This is a remarkable turnaround for a business that came close to collapse in the early 2000s before being rescued by years of heavy restructuring and an acquisition by SK Group in 2012.

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Momentum continued after the IPO, with the stock climbing to a post-listing high of around $200 in September. However, the NVIDIA Corp (NASDAQ:NVDA) supplier suffered a brutal sell-off in October, pushing shares close to $130 amid concerns about overexuberance in the memory market, whether demand can keep up with the heavy levels of AI spending and concerns about competition from Chinese rivals like CXMT. SK Hynix decided to halt and discontinue its planned $10 billion US IPO for Solidigm, its data-centre storage subsidiary amid pushback from regulators and shareholders. 

SK Hynix appears to be back on an even keel after October’s turbulence. The announcement of impressive quarterly earnings and plans to return $75 billion to shareholders this year lifted shares by 13% in New York on Wednesday. 

Bending Spoons

Italian tech and private equity turnaround firm Bending Spoons listed on the Nasdaq on 1 July at $29 a share, raising around $1.68 billion. Shares surged nearly 40% on the day of its flotation, achieving a market capitalisation of almost $26 billion, to create Italy’s most valuable tech stock. The Milan firm aims to carry out “deep transformations” at well-known but underperforming digital businesses such as Eventbrite, WeTransfer, Vimeo and Evernote.

This summer, the Italian company announced plans to add workflow software provider Airtable to its portfolio for around $1.3 billion, highlighting its pivot into enterprise software.

Berkshire Hathaway Inc Class B (NYSE:BRK.B) disclosed a $330 million stake in October, lifting its total investment to $930 million, or 4%, sending shares soaring by over 40% in a single session. However, shares have since given back some of those gains amid profit taking, valuation concerns and jitters in the sector. Shares are still up by around 40% over the past month and sit comfortably above the IPO price, currently trading around $47 per share.

A Jersey Mike’s banner adorns the New York Stock Exchange on 30 July - the day of the submarine sandwich chain’s IPO. Photo: Michael M. Santiago/Getty Images.

Arxis

Shares in aerospace parts maker Arxis soared nearly 36% on the first day of trade on the Nasdaq in April. Pricing shares at $28, at the top end of the indicated range, Arxis raised $1.13 billion by selling 40.5 million shares.

The company designs and manufactures electronic and mechanical components for the aerospace, defence, space and specialised industrial and medical technology sectors.

Since the IPO, Arxis has performed better than the likes of SpaceX and SK Hynix, rallying around 55% over the past six months. Strong Q2 earnings at the end of July sent shares sharply higher, thanks to a 25% jump in revenue year-on-year, organic growth of 21% and a top and bottom-line guidance upgrade. It has been carrying out acquisitions in attractive niches that have been well received by the markets, including the purchase of StratEdge, Schatz Bearing, Omnetics Connector and Blue Line Engineering.

Cerebras Systems

Cerebras Systems completed its IPO on 14 May, offering 30 million Class A shares at $185 each to raise approximately $5.55 billion. The AI chipmaker soared nearly 70% in its Nasdaq debut, giving it a market capitalisation of $95 billion. However, that euphoria soon faded. Since hitting highs above $300 on its first day of trading, shares have trended lower and now change hand at around $119.

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The Cerebras IPO came at the height of the AI-fuelled semiconductor boom, leaving the company with a very impressive valuation. However, as investor enthusiasm for the sector has cooled, that lofty starting point has become a headwind. The stock has also come under pressure from short-seller Culper Research which has questioned its technology.